Abbott raises 2022 profit forecast for second time
2022.10.19 07:55
Abbott raises 2022 profit forecast for second time
Budrigannews.com – Abbott Laboratories on Wednesday raised its annual earnings forecast for the second time, citing strong demand for medical devices and pharmaceutical products.
Shares of the company rose nearly 2% in premarket trade.
The company’s medical devices sales grew 11% in the United States in the third quarter, driven by strong performance of its Freestyle Libre continuous glucose monitoring system, which clocked around $1 billion in sales.
The company now expects $5.17-$5.23 per share in adjusted earnings this year, compared to at least $4.90 per share it forecast earlier. The company had raised its outlook from at least $4.70 per share in July.
Abbott said it expects around $7.8 billion in COVID-19 test sales this year, with $500 million in the fourth quarter.
